Adam Smith was an American economist that published The Wealth of Nations, one of the most important books in the history of economic thought
Indicate whether the statement is true or false
FALSE
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The President proposes a reduction of personal income marginal tax rates in the United States. When marginal tax rates are reduced, there is
A) a decrease in the magnitude of the expenditure multiplier. B) an increase in the magnitude of the expenditure multiplier. C) a decrease in the marginal propensity to consume. D) no change in the slope of the AE line. E) an increase in the marginal propensity to consume.
If education produces positive externalities and the government does not intervene in the market, we would expect
a. the equilibrium price to be higher than the optimal price. b. the equilibrium quantity to be lower than the optimal level. c. the equilibrium quantity to be higher than the optimal level. d. both a and b are correct
Which of the following statements is correct?
A) Utility and usefulness are synonymous. B) The marginal utility derived from successive units of a product tends to be similar for all consumers. C) Because utility is not measurable, the utility-maximizing rule provides no useful insights as to consumer behavior. D) A product may yield utility, but not be functionally useful.
The unemployment rate in an economy is 12 percent. The civilian labor force is 50 million. The number of employed workers in the economy is:
a. 38 million b. 40 million c. 44 million d. 42 million